Elon Musk Earns $124 Million on Dogecoin: Accusations of Insider Trading

Elon Musk’s initiative to temporarily change the Twitter logo turned out to be more than just a joke; it was a way to make money. Dogecoin investors have filed a collective lawsuit accusing Musk of insider trading. In April, when the entrepreneur REPLACED the blue bird with the mascot of the meme cryptocurrency, the value of Dogecoin increased by 30%, and Musk himself sold coins worth $124 million.

The new allegations are based on the claim that Musk manipulated the cryptocurrency’s price using his Twitter account with millions of followers, as well as his appearance on “Saturday Night Live” and other advertising tricks. Investors argue that Musk traded advantageously through several Dogecoin wallets he or Tesla controlled.

Musk’s lawyers attempted to dismiss the $238 billion lawsuit, but new amendments from investors suggest that Musk deceived investors by manipulating the market and engaging in insider trading.

Although $124 million may not be a huge sum for the world’s richest person, considering Twitter’s debts and the loss of major advertisers, Musk is seeking new ways to make money. The social network is currently worth one-third of what Musk paid for it, which was $44 billion at the time of purchase.